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Drive Profitable Growth Investor Presentation August 2026 ORTHOFIX®
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22 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, intentions, plans, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” “positioned,” “deliver,” or “continue” or other comparable terminology. Forward-looking statements in this presentation include the Company's expectations regarding net sales, adjusted EBITDA, and free cash flow for the year ended December 31, 2026. Forward-looking statements are not guarantees of our future performance, are based on our current expectations and assumptions regarding our business, the economy and other future conditions, and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, including the risks described in Part I, Item 1A under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in Part II, Item 1A under the heading Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Factors that could cause future results to differ from those expressed by forward-looking statements include, but are not limited to, (i) our ability to maintain operations to support our customers and patients in the near-term and to capitalize on future growth opportunities, (ii) risks associated with acceptance of surgical products and procedures by surgeons and hospitals, (iii) development and acceptance of new products or product enhancements, (iv) clinical and statistical verification of the benefits achieved via the use of our products, (v) our ability to adequately manage inventory, (vi) our ability to successfully optimize our commercial channels, (vii) our success in defending legal proceedings brought against us, (viii) the impact of changes by third-party payers to reimbursement rates for our products, and (ix) the other risks and uncertainties more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”). As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements. Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. The Company undertakes no obligation to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise, except as required by law. The Company is unable to provide expectations of GAAP net income (loss), the closest comparable GAAP measures to adjusted EBITDA (which is a non-GAAP measure), on a forward-looking basis because the Company is unable to predict, without unreasonable efforts, the ultimate outcome of matters (including acquisition-related expenses, accounting fair value adjustments, and other such items) that will determine the quantitative amount of the items excluded in calculating adjusted EBITDA, which items are further described in the reconciliation tables and related descriptions in this presentation. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.
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33 Non-GAAP Financial Measures Management uses certain non-GAAP financial measures in this presentation, most specifically Adjusted EBITDA, Adjusted Gross Margin, Adjusted Net Income and Free Cash Flow, as a supplement to GAAP financial measures to further evaluate the Company’s operating performance period over period, analyze the underlying business trends, assess performance relative to competitors and establish operational objectives. Management believes it is important to provide investors with the same non-GAAP metrics it uses to evaluate the performance and underlying trends of the Company’s business operations to facilitate comparisons to its historical operating results and evaluate the effectiveness of its operating strategies. Disclosure of these non-GAAP financial measures also facilitates comparisons of the Company’s underlying operating performance with other companies in the industry that also supplement their GAAP results with non-GAAP financial measures. Unless noted otherwise, full-year guidance is based on the current foreign currency exchange rates and does not take into account any additional potential exchange rate changes that may occur this year. These non-GAAP financial measures should not be considered in isolation from, or as replacements for, the most directly comparable GAAP financial measures, as these measures are not prepared in accordance with U.S. GAAP. Reconciliations between GAAP and non‐GAAP results are included at the end of this presentation and represent the most comparable GAAP measure(s) to the applicable non-GAAP measure(s) shown in the table. For further information regarding the nature of these exclusions, why the Company believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company’s current report on Form 8-K regarding its second quarter 2026 press release filed on August 5, 2026 with the SEC and available on the SEC's website at www.sec.gov and on the “Investors” page of the Company’s website at www.orthofix.com. The Company’s non-GAAP financial measures for the three and six months ended June 30, 2026, and 2025, have been adjusted to eliminate the financial effects of the Company’s decision to discontinue its M6 product lines. Amounts may not add due to rounding.
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44 Executive Summary The Orthofix Investment Thesis 01 ~$829M TTM pro forma net sales: ~$16B addressable market; only musculoskeletal pure-play spanning spine, bone stimulation, biologics, limb reconstruction, and zero-radiation navigation 02 Improving commercial momentum: Strengthening U.S. distributor network and enhancing sales force productivity; greater visibility and consistency across key growth platforms 03 Proprietary technology moat: 7D FLASH is the world’s only zero-radiation spine navigation system (97.8% radiation reduction, 94% faster than intraoperative CT- based systems) 04 Margin discipline converging on profitability: ~72% TTM pro forma adjusted gross margin; 2026 guidance of $845M–$855M net sales and $95M–$98M adjusted EBITDA 05 Driving toward positive free cash flow: FCF improved from –$108M (2023) to near breakeven (2025), with continued progress driven by EBITDA growth and working capital efficiency ~$829M TTM Pro Forma Net Sales ~$16B Addressable Market 71.5% TTM Pro Forma Adj. Gross Margin Double-Digit Global Net Sales Growth in Limb Reconstruction and Spine Fixation (Q2 2026) TTM as of 6/30/2026. Excludes discontinued M6 lines. 2026 guidance as of 8/5/2026; presented on a pro forma, constant currency basis. Double-digit global net sales growth in Q2 2026 is on a YoY constant currency basis.
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Transforming a ~$16B Market Opportunity into Profitable, Scalable Growth Orthofix At-A-Glance 5
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Differentiated Musculoskeletal Platform Driving Toward Profitability 6 NASDAQ: OFIX | Musculoskeletal Pure-Play | ~$16B TAM ~$829M TTM Pro Forma Net Sales ~$84M TTM Pro Forma Adj. EBITDA ~71.5% TTM Pro Forma Adj. Gross Margin $477M Market Capitalization Platform Advantage Three growth segments across musculoskeletal care: • Spinal Implants, Biologics and Enabling Technologies • Therapeutic Solutions • Limb Reconstruction Portfolio breadth + only zero-radiation navigation system 7D FLASH Commercial Momentum Cross-sell leverage over 3 segments Focused commercial strategy via established distributors Segment-level traction Double-digit YoY improvement in global Spine Fixation and Limb Reconstruction Favorable industry tailwinds Aging population and evolving standards of care Financial Path 2026E: $845M–$855M net sales, $95M–$98M adj. EBITDA FCF progression underway: Cash usage –$108M (2023) TTM as of 6/30/2026. Excludes discontinued M6 lines. Market cap as of 7/31/2026. 2026 guidance as of 8/5/2026; presented on a pro forma, constant currency basis. Margin discipline and commercial focus converging on clear path to positive free cash flow TTM Net Sales 17% 30% 53% Near breakeven FCF (2025) Progressing toward Positive FCF Post-merger: focused model, margin discipline (2024)
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7 7 Clear Strategic Pathway with Multiple Drivers for Value Creation Key Focus Areas & Priorities Innovate to drive growth and strengthen leading positions Future upside from high-impact new product launches Leverage technologies and sales channels across complementary product segments Create new entry points, cross-selling opportunities and stickier surgeon relationships Rigorous allocation of resources to high- return opportunities Focus on process and gross margin improvements Improved financial strength with profitability and term loan flexibility Invest in Differentiated Technologies Where Orthofix Can Win and Lead Capitalize on Multiple Access Points to Grow at Above-Market Rates Operate with Discipline for Margin Expansion Build Financial Resilience and Unlock Strong, Consistent Cash Flow Strategy is Driving Long-Term Profitable Growth
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Platform Advantage and Commercial Momentum Innovation and Market Leadership Across the Musculoskeletal Continuum 8
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Two Growth Pillars – One Integrated Performance Engine Therapeutic Solutions (formerly Bone Growth Therapies) • Combined portfolio with Biologics to target trauma surgeons • Combine with select Limb Reconstruction products • Expanding domestically through legacy SeaSpine distribution and U.S. Limb Reconstruction channels Biologics • Expand cross-selling with U.S. Limb Reconstruction channels Spine Maximize procedural selling opportunity with Biologics, Limb Reconstruction, and Enabling Technologies Limb Reconstruction Maximize procedural selling opportunity with Biologics, Limb Reconstruction, and Enabling Technologies Enabling Technologies (ET) • Focus on 7D equipment placements to drive recurring implant usage • Leverage investment and drive synergistic approach across the portfolio 9
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Comprehensive Portfolio of Transformative Solutions Improved Clinical Efficiencies and Economic Value with 7D Enabling Technology Established Distribution Channels and Extensive Global Commercial Reach Large Addressable Markets with High- Growth Opportunities Across Continuum of Care World-Class, Visionary Leadership Team with Deep Sector Expertise Expanding and Deepening Customer Relationships 10 Capitalizing on Clear Competitive Advantages
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Total Addressable Market 2026 – 2028 Expected Market Growth Rate Spinal Implants ~$10.1B ~3% – 4% Therapeutic Solutions (formerly Bone Growth Therapies) ~$0.6B ~2% – 3% Biologics ~$2.1B ~2% – 3% Limb Reconstruction (formerly Orthopedics) ~$2.6B ~5% – 6% Enabling Technologies ~$0.4B ~10% – 12% Addressable Markets ~$16B within Full Continuum of Care 11 Well-Positioned for Favorable Macro Trends Aging Population Digital Healthcare AI and Machine Learning Enabling Technology Advancement Evolving Standards of Care
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Capability Orthofix ~$829M TTM Medtronic ~$5.3B Cranial & Spine Globus / NuVasive ~$2.5B Spine Alphatec ~$764M FY2025 Stryker ~$10.9B Ortho Enovis ~$2.2B FY2025 Spinal Implants ~$10.1B TAM Growing Share Global Spine Fixation +10% CC; deformity/cervical focus; Top 30 U.S. distributors ~80% of spine fixation sales #1 Global ~$3.2B spine rev; AiBLE ecosystem; Mazor X robotics #2 Global ~$2.5B combined; ExcelsiusGPS robotics; MIS leader Fastest Growing $764M FY25 +25%; lateral/deformity focus Divested Implants Sold spine implants to VB Spine; retained Mako Spine tech No Dedicated Spine Joint reconstruction focus; no spine implant business Therapeutic Solutions (Bone Growth Stimulation) ~$0.6B TAM #1 Market Position 1.4M+ devices prescribed; most indications; PEMF since 1986 No Presence Does not compete in this segment No Presence Does not compete in this segment No Presence Does not compete in this segment No Presence Does not compete in this segment P&R Segment Bone stim in Prevention & Recovery; mid-high single-digit growth Biologics ~$2.1B TAM #2 Cellular Allograft Trinity Elite; #3 DBM; new OsteoCove synthetic launch Market Leader Infuse BMP dominates growth factors; broad portfolio Selective Focus Integrated biologics with spine implant pull-through Attachment Only 38% biologics attachment rate; not standalone offering Limited Presence Select partnerships; not a core focus area No Presence Does not compete in this segment Limb Reconstruction ~$2.6B TAM Proven Leader TL-HEX, Fitbone, TrueLok Elevate; 4 pillars across deformity, limb lengthening, fracture, preservation No Presence Does not compete in this segment Selective Focus Market leadership in limb lengthening products No Presence Does not compete in this segment Selective Focus Strong in trauma and extremities, external fixation; ~$3.95B Trauma & Extremities Revenue Limited Presence Extremities double-digit growth; external fixation Enabling Technologies ~$0.4B TAM Only Zero-Radiation 7D FLASH machine-vision IGS; 97.8% radiation reduction¹; 94% faster1 AiBLE Ecosystem Mazor X Stealth robotics; O-arm imaging; StealthStation Nav ExcelsiusGPS Robotic-assisted nav; strong installed base growth EOS Insight Imaging/informatics platform; 7% global installed base growth Mako Robotics Mako robotic-assisted surgery for joints; not spine-focused ARVIS AR Navigation Augmented reality for joints; not spine-focused Cross-Sell / Portfolio Integration Unique Advantage 7D drives spine implant pull- through; biologics + BGS + limb recon cross-sell across 3 segments Broad But Diffuse Massive conglomerate; spine is one of many divisions; limited cross-sell focus Spine-Focused Deep spine-only integration; implants + robotics; limited adjacent categories Spine-Only Ecosystem Deep spine integration via EOS; narrow but focused Joint-Focused Mako robotics centered on joints; spine divested Joint-Focused Recon + P&R integration; no spine cross-sell leverage Only Musculoskeletal Pure-Play Spanning Spine + Bone Stimulation + Limb Reconstruction + Biologics + Zero-Radiation Navigation IGS = Image-Guided Surgery Nav = Navigation PEMF = Pulsed ElectroMagnetic Field DBM = Demineralized Bone Matrix MIS = Minimally-Invasive Surgery 1 97.8% reduction in intraoperative radiation during adult degenerative spinal fusions; 94% faster than intraoperative CT-based systems. Sources: Company filings; iData Research; SmartTrak; ORTHOWORLD Spine Market Report (Apr 2026); SPINEMarketGroup. Revenue figures reflect most recent available reporting periods. TAM = 2025 Total Addressable Market estimates. Solely for convenience, our trademarks and trade names in this presentation are referred to without the ® and symbols, but such references should not be construed as an indicator that we will not assert, to the fullest extent under applicable law, our rights thereto.. Competitive Positioning Across ~$16B Addressable Market Differentiated portfolio spanning spine, biologics, bone stimulation, limb reconstruction, and enabling technologies 12
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Spinal Implants Driving Innovation and Taking Share 13 Select Product Examples Market Overview • Sales channel optimization for growth, cross-selling, and OPEX leverage • Pull through from lateral, cervical, and 7D earnouts • Best-in-class implants to improve patient outcomesInterbody Cervical Thoracolumbar Fixation NorthStar OCT Mariner Deformity WaveForm (3D Printed) Explorer (Expandable) Reef (IBDs) ~$10.1B TAM1 Thoracolumbar Fixation • Significant share capture opportunity • ~3% – 4% market growth rate (2026 – 2028) Interbody • Significant share capture opportunity • ~3% – 4% market growth rate (2026 – 2028) Cervical • Significant share capture opportunity • ~3% – 4% market growth rate (2026 – 2028) OFIX Growth Drivers Shoreline ACS Wayfinder Phoenix MIS Meridian 1 2025 U.S. Total Addressable Market. Sources: iData Research Inc.; U.S. Market Report for Spinal Implants and VCF; SmartTrak US Spine Market Report; Internal OFIX estimates Supporting Clinicians and Patients through Continuous Innovation of Procedure Solutions • Comprehensive, best-in-class spinal implants designed to work in concert with 7D Navigation and biologics to support improved clinical outcomes • Focus on deformity correction • Proven expertise in cervical fixation and material science
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AccelStim SpinalStim PhysioStim CervicalStim Complex Foot & Ankle Reconstruction and Fracture Management Therapeutic Solutions (formerly Bone Growth Therapies) Maximizing #1 Market Position Exceeding Market Growth Rate through Innovation and Expansion • Safe, effective, non-surgical solution to promote bone healing in fracture management and high-risk spine fusions • Most comprehensive portfolio of bone growth stimulation devices • Most indications on the market to aid in bone healing solutions 14 Select Product Examples #1 prescribed bone growth stimulator First to offer free recycling for patients to properly dispose of their devices PEMF technology approved since 1986 Prescribed devices 1,400,000+ Spine Fusion Therapy Market Overview • Procedural selling focused on cross-selling with limb reconstruction and spine • New market channels with established sales representatives • AccelStim growth to penetrate Fracture market ~$0.6B TAM1 Spine • #1 Position • ~2% – 3% market growth rate (2026 – 2028) Fracture • #2 Position • ~2% – 3% market growth rate (2026 – 2028) OFIX Growth Drivers Note: PEMF = Pulsed Electromagnetic Field. 1 2025 U.S. Total Addressable Market.
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Biologics Renewed Focus on Advancing our Portfolio Strategically Introducing New Products to Capture Additional Market Share • Full spectrum of biologic solutions to enhance fusion process and promote bone repair and growth • Provide industry leading, best-in-class products in each of the major bone grafting categories 15 Select Product Examples Demineralized Bone Matrix OsteoStrand Plus Synthetic Procedure-Specific OsteoCove OsteoBallast Market Overview • Opportunities in current portfolio and spine • Product innovation with clinical research • Disc regeneration, channel expansion options ~$2.1B TAM1 Synthetic • Significant share capture opportunity • ~2% – 3% market growth rate (2026 – 2028) Cellular Allograft • #2 Position • ~2% – 3% market growth rate (2026 – 2028) OFIX Growth Drivers Trinity Elite Cellular Allograft Growth Factors, Other • Do not participate 1 2025 Global Total Addressable Market, including Growth Factors. Demineralized Bone Matrix • #3 Position • ~2% – 3% market growth rate (2026 – 2028)
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Limb Reconstruction (formerly Orthopedics) Leading the Growth • Unique portfolio of limb reconstruction solutions, addressing the most challenging orthopedic conditions in patients of all ages Proven Leader with Room to Grow through Innovation of Hardware and Digital Solutions 16 Enabling Technologies - OrthoNext 1 2025 Global Total Addressable Market. Sources: iData Research Inc. 2021; Berkyl Global Market Analysis 2020; SmartTrak 2024; Orthoworld Industry Annual Report, 2024; Acuity MD Data, 2025; Grandview Research, 2023; US Bone Transport Procedure Volume Analysis, 2015; CDC National Diabetes Statistics Report, 2022; Brownrigg, et al. Evidence-based Management of PAD & the Diabetic Foot, 2013. 45(6), 673-681; Behroozian et al. Art Thro Vasc Biology, 2020. 40(3). Select Product Examples Galaxy Gemini Complex Fracture Management Fitbone Limb Lengthening TL-HEX Extremity Deformity Correction TrueLok Elevate Market Overview • Accelerating U.S. growth and expanding position • Global sales channel optimization through execution and focused distribution • New, unique product platforms with next-gen digital capabilities OFIX Growth Drivers ~$2.6B TAM1 Complex Fracture Management • ~3% – 4% market growth rate (2026 – 2028) Limb Lengthening • ~9% market growth rate (2026 – 2028) Limb Preservation • ~5% market growth rate (2026-2028) Extremity Deformity Correction • ~5% – 6% market growth rate (2026 – 2028) Limb Preservation *Significant share capture opportunity across all 4 pillars
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Complex Fracture Management Limb Lengthening Limb Preservation Extremity Deformity Correction LIMB RECON Industry leader with a unique portfolio of limb reconstruction solutions, addressing the most challenging conditions in patients of all ages ENABLING TECHNOLOGIES ENABLING TECHNOLOGIES 17 Four Focus Areas – Limb Reconstruction
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Tibial cortex transverse transport: Historical evolution, clinical applications, and future directions-Schroeder, et al. Foot & Ankle Surgery: Techniques, Reports & Cases, Vol 5, Issue 3, 100513 © 2025 The Author(s). Published by Elsevier Inc. on behalf of American College of Foot and Ankle Surgeons. Orthofix has not made any changes to the image above and use of this image is in no way an endorsement of the Journal or Authors Supporting surgeon-led correction of complex bony and soft-tissue defects Innovation Spotlight: TrueLok Elevate System The TrueLok Elevate device has not been approved by the FDA for treatment of ulcers and the safety and effectiveness of the TrueLok Elevate for treatment of ulcers has not been established. Minimally invasive, quick application, reproducible technique Versatile design Sterile, ready to use components 18
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Patient Case Study – What Limb Reconstruction Means for Justin Background • Justin, a 6'9" newlywed, suffered from severe genu valgum (knock-knees) that caused chronic pain and limited mobility. • As he prepared for fatherhood, he feared becoming disabled without corrective surgery. OFIX Unique Solution Under the care of Dr. William Terrell, the team elected to treat both legs simultaneously TL-HEX External Fixation System used on tibias for gradual, precise realignment 19 Life is much better than it was before the surgery. I am almost back to 100% to what I should have been before. – Justin Click here for Justin’s story Before After Result / Outcomes • Successful Orthofix-supported deformity correction procedure • Restoration of patient mobility • Strengthened customer loyalty
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Enabling Technologies Empowering Excellence with Real-Time, Integrated Smart Technologies Seizing Significant Opportunity to Leverage Technology and Expand Share in Spine • FLASH Navigation with 7D Technology, world’s leading zero-radiation1 spine image-guided surgery system • Allows surgeons to perform fast, cost-effective, and radiation-free surgery • Pacesetting leader for open spine procedures and deformity correction 20 Open and Percutaneous Spine Modules2 Market Overview OFIX Growth Drivers • 7D deployments through commercial financing structures and product pull through • Product integration with spinal implant portfolio • Digital ecosystem expansion (pre-op planning, intra-op navigation, and post-op care) ~$0.4B TAM3 Spinal Navigation • Significant share capture opportunity • ~10% – 12% market growth rate (2026 – 2028) FLASH Navigation with 7D Technology Product Example Significant Focus in Spine 1 Based on a pre-op CT or MRI, no intra-op radiation is required using Open Spine Module, eliminating exposure to surgeons, staff, and patients. Intra-op radiation is required for Percutaneous Module. 2 ~40% of U.S. installed base has cranial module. 3 Global Total Addressable Market.
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Innovation Spotlight – FLASH Navigation with 7D Technology Technology Differentiates Portfolio While Enabling Service to Full Continuum of Surgical Care 21 97.8% reduction in intraoperative radiation during adult degenerative spinal fusions1* Revolutionizing Spinal Navigation Created Meaningful Advantages with FLASH Navigation with 7D Technology 61% reduction in intraoperative radiation during complex pediatric deformity spinal fusions2* 98.8% accurate with no pedicle breach1* 94% faster than intraoperative CT-based systems3* 63.6 minutes saved per case4* Flexible Selling Models to Meet Unique Needs of Facility First and only image-guided surgery (IGS) system featuring 7D’s machine-vision technology, allowing surgeons to perform fast, cost-effective, radiation-free IGS Capital Purchase Lease “Earnout” through purchase of spine hardware and/or biologics; creating recurring revenue stream and stronger customer relationships Voyager Earnout Program *Not an Orthofix sponsored clinical study. 1 Malham GM, Munday NR. Comparison of novel machine vision spinal image guidance system with existing 3D fluoroscopy-based navigation system: a randomized prospective study. Spine J. 2022 Apr;22(4):561-569. doi: 10.1016/j.spinee.2021.10.002. Epub 2021 Oct 16. PMID: 34666179. 2 Comstock, Christopher P. MD; Wait, Eric MD. Novel Machine Vision Image Guidance System Significantly Reduces Procedural Time and Radiation Exposure Compared With 2-dimensional Fluoroscopy-based Guidance in Pediatric Deformity Surgery. Journal of Pediatric Orthopaedics ():10.1097/BPO.0000000000002377, March 6, 2023. | DOI: 10.1097/ BPO.0000000000002377 3 Jakubovic R, Guha D, Gupta S, et al. High speed, high density intraoperative 3D optical topographical imaging with efficient registration to MRI and CT for craniospinal surgical navigation. Sci Rep. 2018;8:14894. doi:10.1038/s41598-018-32424-z. 4 Lim KBL, Yeo ISX, Ng SWL, Pan WJ, Lee NKL. The machine-vision image guided surgery system reduces fluoroscopy time, ionizing radiation and intraoperative blood loss in posterior spinal fusion for scoliosis. Eur Spine J. 2023 Jul 10. doi: 10.1007/s00586-023-07848-5. Epub ahead of print. PMID: 37428212.Stewart G. Visible Light Navigation in Spine Surgery: My Experience With My First 150 Cases. Int J Spine Surg. 2022 Oct;16(S2):S28-S36. doi: 10.14444/8274. Epub 2022 Aug 5. PMID: 36456113; PMCID: PMC9808787.
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Q2 2026 Results Executing Through Transition while Gaining Visibility and Commercial Momentum 22
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Q2 2026 Results Summary Q2 Total Net Sales: $210.9M 5% YoY pro forma, constant currency growth Q2 Non-GAAP Adjusted EBITDA: $20.1M 10% of pro forma net sales vs $20.6M in Q2 2025; 10% of pro forma net sales Q2 Non-GAAP Adjusted Gross Margin: 71.7% vs 72.7% of pro forma net sales in Q2 2025 Q2 Non-GAAP SG&A Expense: $133.2M 63% of pro forma net sales vs $127.7M in Q2 2025; 64% of pro forma net sales Q2 Non-GAAP R&D Expense: $15.4M 7% of pro forma net sales vs $14.6M in Q2 2025; 7% of pro forma net sales Q2 2026 Total Net Sales $210.9M +5% YoY* Therapeutic Solutions $64.2M +2.5% Global Limb Reconstruction $37.7M +11.0%* Global Spinal Implants, Biologics, and Enabling Technologies $109. 0M +4.0%* International Spinal Implants, Biologics & Enabling Technologies $13.2M +64.1%* U.S. Spinal Implants, Biologics & Enabling Technologies $95.8M -1.0%* 88% 12% * YoY growth for Total Net Sales and Global and International Spinal Implants, Biologics, and Enabling Technologies is on a pro forma, constant currency basis compared to Q2 2025; U.S. Spinal Implants, Biologics and Enabling Technologies is on a pro forma basis compared to Q2 2025. YoY growth for Global Limb Reconstruction is on a constant currency basis compared to Q2 2025; Pro forma excludes discontinued M6 lines. 23
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What We Said vs. What We Delivered Q2 2026: Executing through transition while gaining visibility and commercial momentum What We Said What We Delivered (Q2 2026) Net Sales Growth Committed to above-market growth with differentiated technology across ~$16B addressable market $210.9M Total Net Sales +5% YoY CC* • Global Spine Fixation and Global Limb Reconstruction each delivered double-digit YoY CC growth • Biologics stabilized and began to regain momentum • Therapeutic Solutions grew 3% YoY despite Medicare reimbursement pressure during part of Q2 Margin Expansion Drive operational discipline for margin expansion with focus on gross margin improvement Rigorous allocation of resources to high- return opportunities Adj. EBITDA $20.1M 10% margin • Resource alignment and cost actions underway support path toward improved profitability 71.7% Adj. Gross Margin • Decreased from 72.7% in Q2 2025, reflecting unfavorable geographic mix Commercial Execution Optimize commercial channels for growth, cross-selling, operating leverage Distributor optimization efforts are improving consistency and focus across priority growth platforms Improving execution, gaining visibility, and driving consistency across priority growth platforms • Global Spine Fixation net sales grew 10% YoY constant-currency, supported by distributor optimization efforts, new account expansion, and strong international demand, including timing of certain international distributor orders • Global Limb Reconstruction net sales grew 11% YoY constant-currency, driven by strong international momentum and demand for differentiated product families 24 CC = Constant Currency YoY = Year-Over-Year * Net sales growth is on pro forma, constant currency basis and compared to same prior-year quarter . Commercial momentum, margin expansion, and greater visibility reinforce confidence in the path toward profitable growth
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SPINAL SOLUTIONS Global Spine Fixation net sales +10%* » New account expansion from U.S. commercial channel actions and timing of international distributor orders » U.S. full commercial launch of VIRATA Spinal Fixation System expected in Q4’26 THERAPEUTIC SOLUTIONS Net sales +3% » Underlying demand remained resilient despite reimbursement pressure that affected part of Q2 » AccelStim Device continuing to drive fracture market growth Q2 2026 Business Segment Highlights 25 * Net sales growth for Global Spine Fixation and Global Limb Reconstruction is on a constant currency basis compared to same prior-year period. LIMB RECONSTRUCTION Global Limb Recon net sales +11%* » Continued acceleration in the worldwide adoption of TRUELOK Elevate System and FITBONE Bone Transport System
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26 Revising 2026 Net Sales and Adjusted EBITDA Guidance1 $845M – $855M Net Sales $95M – $98M Adj. EBITDA Net sales outlook assumes: • Improving performance in priority growth areas, • Medicare reimbursement restoration for bone growth stimulators, and • One-time European distributor inventory purchases related to MDR transition, • Partially offset by continued softness among smaller U.S. Spine distributors. Adj. EBITDA outlook assumes: • Restored Medicare reimbursement, • Cost optimization initiatives, and • Continued operating discipline 1 As of 8/5/2026. Inclusion of this information in this presentation is not a confirmation or an update of, and should not be construed or otherwise assumed to reflect any confirmation or update of, that guidance by Orthofix leadership as of any date other than 8/5/2026. This guidance range is based on current foreign currency exchange rates and does not take into account any additional potential exchange rate changes that may occur this year. Prior guidance: Net Sales $838M–$848M Adj. EBITDA $90M–$93M
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Financial Path Operational Excellence and Strategic Investment Converging on Strong Cash Generation 27
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lp Looking Forward Accelerating Our Profitable Growth Engine 28 Advancing Toward Our Goals for Consistent Above-Market Growth, Improved Profitability, and Positive Free Cash Flow Invest in Differentiated Technologies in Areas Where We Can Win and Lead Innovation Capitalize on Multiple Access Points to Grow Business at Sustained, Above-Market Rates Operate with Discipline for Margin Expansion Build Financial Resilience and Unlock Strong, Consistent Free Cash Flow 28
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lp Investing in Differentiated Technologies Innovation Driving Growth and Strengthening Leading Market Positions 29 Systematic Approach to Driving Innovation Rigorous allocation of resources to high-return opportunities Leverage technologies (7D, Biologics, Therapeutic Solutions) and sales channels (Spine, Limb Reconstruction) across complementary product segments Build enabling technology ecosystem using next-gen data, navigation and connected products for pre-, intra-, and post-op solutions Extensive expertise in intra-op surgical navigation creating accurate, efficient, and uninterrupted surgical workflow Continuum of musculoskeletal care integrated by Enabling Technologies Focal KPIs 1 Regular cadence of meaningful, high-impact new product launches 2 7% – 8% of sales invested in R&D 3 Sustained share capture in U.S. Spine & U.S. Limb Reconstruction
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Operating with Discipline for Margin Expansion Well-Developed Infrastructure in Place to Further Scale and Support Growth Our Approach to Operational Excellence Building culture of excellence and accountability through implementation of the High Performance Management System (HPMS) Focusing on “Vital Few” initiatives to enhance operational excellence and drive business performance Key levers to drive higher margins and profitability across Company include: Rigorous allocation of resources to high-return opportunities Gross margin improvement Process improvements 30
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Building Financial Resilience to Unlock Strong, Consistent Free Cash Flow 31 Driving Toward Positive Free Cash Flow • Drop-through to EBITDA from incremental revenue • Working Capital improvements Efficient Working Capital Management • Reduction in Inventory Days on Hand (DOH) and Instrument Efficiency • Continued improvement in Days Sales Outstanding (DSO) $(107.8) $(9.1) $(1.3) 2023 2024 2025 Significant Free Cash Flow ($M) Progress Near Breakeven For FY 2025
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Capital Allocation Priorities 32 Investing to drive future profitable growth 1 Organic Growth Reinvest in business; enhance commercial channel; target capital spend levels at ~5% of sales 2 Inorganic Growth Tuck-in M&A to enhance growth & margin profile, support category leadership 3 Capital Structure Debt paydown and fortify balance sheet 4 Return of Capital In the absence of value-creating opportunities 32
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World-Class Leadership Team with Extensive Med Tech Expertise – Focused on Results 33 Combining Deep Institutional Knowledge with Fresh Perspectives and Proven Approaches Massimo Calafiore President and Chief Executive Officer Patrick Fisher President, Global Biologics and Limb Reconstruction Julie Andrews Chief Financial Officer Year Joined: 2024 Years in Industry: 20+ Year Joined: 2024 Years in Industry: 25+ Year Joined: 2024 Years in Industry: 25+ Aviva McPherron President, Global Operations & Quality Lucas Vitale Chief People & Business Operations Officer Beau Standish PhD, PEng Chief Enabling Technologies Officer Year Joined: 2023 Years in Industry: 15+ Year Joined: 2024 Years in Industry: 10+ Year Joined: 2024 Years in Industry: 20+ Andrés Cedrón Chief Legal Officer Jill Mason Chief Compliance & Risk Officer Julie Dewey Chief Investor Relations & Communications Officer Year Joined: 2024 Years in Industry: 15+ Year Joined: 2024 Years in Industry: 25+ Year Joined: 2015 Years in Industry: 15+ Jason Shallenberger President, Therapeutic Solutions Year Joined: 2005 Years in Industry: 20+
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Investment Summary Catalysts and Upside Drivers 34 01 Near-term product catalysts: VIRATA Spinal Fixation System full commercial launch expected 4Q’26; above market U.S. limb reconstruction growth anticipated in 2H’26; OsteoCove synthetic graft gaining traction 02 Expanding technology ecosystem: 7D FLASH driving recurring implant pull- through via Voyager earnout program; digital platform spanning pre-op planning, intra-op navigation, and post-op care 03 Operational leverage ahead: distributor transitions largely complete; HPMS driving execution culture; gross margin improvement and process efficiency initiatives underway 04 Favorable macro tailwinds: aging population, evolving standards of care, AI/machine learning adoption, and enabling technology advancement across ~$16B market growing ~5% annually 05 Disciplined capital allocation: organic reinvestment at ~5% of sales; tuck-in M&A for category leadership; and ongoing cost optimization initiatives to improve profitability and cash generation
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For additional information, please contact: Julie Dewey, IRC Chief IR & Communications Officer juliedewey@orthofix.com 209-613-6945 www.Orthofix.com NASDAQ: OFIX 35
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Financial and Non-GAAP Reconciliation Tables Appendix 36
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37 37 Q2 2026 GAAP to Adj. EBITDA Bridge Reported Adjustments to U.S. GAAP Adjusted Q2 2026 U.S. GAAP Results Foreign Exchange Impact Strategic Investments Impact of Discontinuation of M6 Product Lines SeaSpine Merger-Related costs Acquisition- Related Fair Value Adjustments Amortization / Depreciation of Acquired Long- Lived Assets Interest & Gain/(Loss) on Investments Litigation and Investigation Costs Employee Transition Costs Share-Based Compensation Expense and Long-Term Incentive Plan Expense Long-Term Tax Rate Adjustment Q2 2026 Non-GAAP Results Net Sales $ 210.9 $ - $ - $ (0.1) $ - $ - $ - $ - $ - $ - $ - $ 210.9 Cost of Sales 61.2 - (0.0) (0.2) (0.2) - (0.1) - - (0.6) (0.5) 59.6 Gross Profit 149.7 - 0.0 0.2 0.2 - 0.1 - - 0.6 0.5 151.3 Gross Margin 71.0% 71.7% Sales, General, & Administrative 138.0 - (0.6) (0.6) (0.3) - - - (2.2) (1.1) 133.2 Research & Development 15.9 - (0.0) (0.4) (0.0) - - - - - 15.4 Acquisition-Related Amortization & Remeasurement 3.9 - - - - (0.9) (3.0) - - - - Share-based Compensation Non-GAAP Adjustment - (7.5) (7.5) Operating Income (Loss) (8.1) - 0.6 1.2 0.5 0.9 3.1 - 2.2 1.7 7.9 10.1 -3.9% 4.8% Interest Income (Expense), Net (6.1) - - 0.0 - - - - - - - (6.1) Other Income (Expense), Net (0.8) 0.7 - 0.0 - - - - - - - (0.0) Income (Loss) Before Tax (15.0) 0.7 0.6 1.2 0.5 0.9 3.1 - 2.2 1.7 7.9 4.0 -7.1% 1.9% Income Tax Expense (Benefit) (0.8) - - - - - - - - - - (0.3) (1.1) Effective Tax Rate -5.3% 28.0% Net Income (Loss) $ (15.8) $ 0.7 $ 0.6 $ 1.2 $ 0.5 $ 0.9 $ 3.1 $ - $ 2.2 $ 1.7 $ 7.9 $ (0.3) $ 2.9 Net income (loss) as a % of net sales -7.5% 1.4% EBITDA $ 4.4 $ 0.7 $ 0.6 $ 1.1 $ 0.5 $ 0.9 $ - $ - $ 2.2 $ 1.7 $ 7.9 $ - $ 20.1 EBITDA as a % of net sales 2.1% 9.6%
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38 38 Net Sales by Major Product Category by Reporting Segment * Results above for each of Spinal Implants, Biologics, and Enabling Technologies; Global Spine; and pro forma net sales exclude the impact from discontinuation of the M6 product lines. Since pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company’s pro forma net sales to its reported figures under U.S. GAAP. The Company’s reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines. Three Months Ended June30, (Unaudited, U.S. Dollars, in millions) 2026 2025 Change Constant Currency Change Therapeutic Solutions $ 64.2 $ 62.6 2.5% 2.5% Spinal Implants, Biologics and Enabling Technologies* 109.0 104.8 4.0% 4.0% Global Spine* 173.2 167.4 3.5% 3.5% Global Limb Reconstruction 37.7 33.3 13.2% 11.0% Pro forma net sales* 210.9 200.7 5.1% 4.7% Impact from discontinuation of M6 product lines 0.0 2.4 (97.4%) (97.5%) Reported net sales $ 210.9 $ 203.1 3.8% 3.5%
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39 39 Condensed Consolidated Balance Sheets (U.S. Dollars, in thousands, except par value data) June 30, 2026 December 31, 2025 (Unaudited) Assets Current assets Cash and cash equivalents $ 103,810 $ 82,025 Restricted Cash 595 3,090 Accounts receivable, net of allowances of $10,563 and $8,308, respectively 135,818 135,746 Inventories 184,475 172,319 Prepaid expenses and other current assets 21,434 23,667 Total current assets 446,132 416,847 Property, plant, and equipment, net 130,757 129,399 Intangible assets, net 65,972 72,765 Goodwill 194,934 194,934 Other long-term assets 35,225 36,702 Total assets $ 873,020 $ 850,647 Liabilities and shareholders’ equity Current liabilities Accounts payable $ 63,531 $ 58,392 Current portion of finance lease liability 125 837 Other current liabilities 93,354 111,253 Total current liabilities 157,010 170,482 Long-term debt 221,591 157,391 Long-term portion of finance lease liability 12,903 17,060 Other long-term liabilities 52,336 55,677 Total liabilities 443,840 400,610 Contingencies Shareholders’ equity Common shares $0.10 par value; 100,000 shares authorized; 40,730 and 39,834 issued and outstanding as of June 30, 2026, and December 31, 2025, respectively 4,073 3,983 Additional paid-in capital 830,423 813,769 Accumulated deficit (405,039) (368,333) Accumulated other comprehensive income (loss) (277) 618 Total shareholders’ equity 429,180 450,037 Total liabilities and shareholders’ equity $ 873,020 $ 850,647
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40 40 Condensed Consolidated Statements of Operations Three Months Ended Six Months Ended June 30, June 30, (Unaudited, U.S. Dollars, in thousands, except share and per share data) 2026 2025 2026 2025 Net sales $ 210,933 $ 203,121 $ 407,641 $ 396,767 Cost of sales 61,226 63,588 118,388 135,615 Gross profit 149,707 139,533 289,253 261,152 Sales, general, and administrative 138,030 136,493 272,941 269,474 Research and development 15,944 15,934 31,264 35,700 Acquisition-related amortization, impairment, and remeasurement 3,867 3,109 7,618 20,854 Operating loss (8,134) (16,003) (22,570) (64,876) Interest expense, net (6,085) (3,950) (11,749) (8,456) Other income (expense), net (778) 5,730 (1,512) 6,976 Loss before income taxes (14,997) (14,223) (35,831) (66,356) Income tax (expense) benefit (801) 142 (875) (819) Net loss $ (15,798) $ (14,081) $ (36,706) $ (67,175) Net loss per common share: Basic $ (0.39) $ (0.36) $ (0.90) $ (1.71) Diluted (0.39) (0.36) (0.90) (1.71) Weighted average number of common shares (in millions): Basic 40.9 39.5 40.7 39.3 Diluted 40.9 39.5 40.7 39.3
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41 41 Adjusted Gross Profit and Adjusted Gross Margin Three Months Ended June30, Six Months Ended June30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Gross profit $ 149,707 $ 139,533 $ 289,253 $ 261,152 Share-based compensation and long-term incentive plan expense 462 467 793 929 SeaSpine merger-related costs 225 4,341 (303) 4,941 Restructuring costs and impairments related to M6 product lines 217 2,791 (220) 13,710 Gross profit attributable to M6 product line operations (53) (1,639) (295) (2,545) Strategic investments — 43 — 56 Amortization/depreciation of acquired long-lived assets 108 351 285 664 Employee transition costs 593 — 593 — Adjusted gross profit $ 151,259 $ 145,887 $ 290,106 $ 278,907 Adjusted gross margin as a percentage of reported net sales 71.7% 71.8% 71.2% 70.3% Adjusted gross margin as a percentage of pro forma net sales 71.7% 72.7% 71.2% 71.5%
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42 42 Adjusted EBITDA Three Months Ended June30, Six Months Ended June30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Net loss $ (15,798) $ (14,081) $ (36,706) $ (67,175) Income tax expense (benefit) 801 (141) 875 819 Interest expense, net 6,085 3,950 11,749 8,456 Depreciation and amortization 13,273 16,871 26,766 51,302 Share-based compensation and long-term incentive plan expense 7,945 7,824 14,583 14,293 Foreign exchange impact 746 (2,751) 1,646 (3,795) SeaSpine merger-related costs 572 4,886 503 6,017 Restructuring costs and impairments related to M6 product lines 217 3,651 (220) 13,531 Operating losses attributable to M6 product lines 868 (297) 1,558 1,949 Strategic investments 634 353 1,584 3,867 Acquisition-related fair value adjustments 868 (763) 1,618 (1,373) Interest and loss on investments — (31) (16) (31) Litigation and investigation costs 2,185 4,029 5,101 7,071 Employee retention credit — (2,854) (951) (2,854) Employee transition costs 1,742 — 1,742 — Adjusted EBITDA $ 20,138 $ 20,646 $ 29,832 $ 32,077 Adjusted EBITDA as a percentage of reported net sales 9.5% 10.2% 7.3% 8.1% Adjusted EBITDA as a percentage of pro forma net sales 9.6% 10.3% 7.3% 8.2%
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43 43 Adjusted Net Income (Loss) Three Months Ended June30, Six Months Ended June30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Net loss $ (15,798) $ (14,081) $ (36,706) $ (67,175) Share-based compensation and long-term incentive plan expense 7,945 7,824 14,583 14,293 Foreign exchange impact 746 (2,751) 1,646 (3,795) SeaSpine merger-related costs 574 7,786 591 9,260 Restructuring costs and impairments related to M6 product lines 176 4,257 (448) 34,461 Operating losses attributable to M6 product lines 1,006 (766) 1,922 1,922 Strategic investments 637 364 1,590 3,907 Acquisition-related fair value adjustments 868 (761) 1,618 (1,371) Amortization/depreciation of acquired long-lived assets 3,107 4,221 6,285 8,853 Litigation and investigation costs 2,185 4,029 5,101 7,071 Interest and loss on investments — (31) (16) (31) Employee retention credit — (3,616) (1,135) (3,616) Employee transition costs 1,742 — 1,742 — Long-term income tax rate adjustment (316) (1,915) 1,534 (468) Adjusted net income (loss) $ 2,872 $ 4,560 $ (1,693) $ 3,311
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44 44 Cash Flow and Free Cash Flow Six Months Ended June30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 Net cash used in operating activities $ (23,834) $ (6,752) Net cash used in investing activities (23,162) (13,833) Net cash provided by financing activities 66,421 1,989 Effect of exchange rate changes on cash (135) 1,547 Net change in cash and cash equivalents $ 19,290 $ (17,049) Six Months Ended June30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 Net cash used in operating activities $ (23,834) $ (6,752) Capital expenditures (23,308) (13,845) Free cash flow $ (47,142) $ (20,597)
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45 45 Adjusted Sales, General and Administrative Expense Three Months Ended June30, Six Months Ended June30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Sales, general, and administrative $ 138,030 $ 136,493 $ 272,941 $ 269,474 Reconciling items impacting sales, general, and administrative: SeaSpine merger-related costs (270) (3,384) (756) (4,142) Restructuring costs and impairments related to M6 product lines 41 (1,393) 228 (4,729) Sales, general, and administrative expense attributable to M6 product lines (636) (243) (1,685) (2,631) Strategic investments (633) (194) (1,581) (1,741) Amortization/depreciation of acquired long-lived assets — — — (60) Litigation and investigation costs (2,185) (3,579) (5,101) (6,621) Employee transition costs (1,148) — (1,148) — Sales, general, and administrative expense, as adjusted $ 133,199 $ 127,700 $ 262,898 $ 249,550 As a percentage of reported net sales 63.1% 62.9% 64.5% 62.9% As a percentage of pro forma net sales 63.2% 63.6% 64.5% 64.0%
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46 46 Adjusted Research and Development Expense Three Months Ended June30, Six Months Ended June30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Research and development expense, as reported $ 15,944 $ 15,934 $ 31,264 $ 35,700 Reconciling items impacting research and development: SeaSpine merger-related costs (80) (62) (139) (178) Restructuring costs and impairments related to M6 product lines — (77) — (1,929) Research and development expense attributable to M6 product lines (413) (602) (659) (1,794) Strategic investments (3) (127) (8) (2,110) Litigation and investigation costs — (450) — (450) Research and development expense, as adjusted $ 15,448 $ 14,616 $ 30,458 $ 29,239 As a percentage of reported net sales 7.3% 7.2% 7.5% 7.4% As a percentage of pro forma net sales 7.3% 7.3% 7.5% 7.5%
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47 47 Adjusted Non-Operating (Income) Expense Three Months Ended June30, Six Months Ended June30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Non-operating (income) expense $ 6,863 $ (1,780) $ 13,261 $ 1,480 Reconciling items impacting non-operating expense: Restructuring costs and impairments related to M6 product lines — 3 — 3 Losses (income) attributable to M6 product lines (12) (26) 126 (41) Foreign exchange impact (746) 2,751 (1,646) 3,795 Interest and loss on investments — 31 16 31 Employee retention credit — 3,617 1,135 3,617 Non-operating expense, as adjusted $ 6,105 $ 4,596 $ 12,892 $ 8,885 As a percentage of reported net sales 2.9% 2.3% 3.2% 2.2% As a percentage of pro forma net sales 2.9% 2.3% 3.2% 2.3%